Iran Can Open Hormuz in 2 Days

Iran's Foreign Minister Abbas Araghchi announced that the Strait of Hormuz could potentially reopen in just two days, if both sides agree to a set of conditions proposed by Tehran. The new timeline is a significant reduction from the initial five-day plan proposed by Qatar. Key elements of Iran's conditions for reopening include lifting sanctions imposed after the Islamabad memorandum, reducing US military presence in the region, restoring oil export waivers, releasing frozen Iranian funds held in Qatar, and recognizing the shipping routes Iran has discussed with Oman.

These conditions state that any reopening must also adhere to the shipping routes previously agreed upon between Iran and Oman, rather than opening the entire strait. Araghchi stated that if Iran's demands are met, this could pave the way for renewed negotiations with Washington on outstanding issues. This development comes after both the US and Iran appear to be softening their positions.

Araghchi noted that a US offer of dialogue was "a positive step", while an Iranian delegation is currently in Qatar for further discussions with their Qatari counterparts. Iranian security chief Mohsen Rezaei also mentioned reviewing a letter from US Vice President JD Vance, describing the tone change from Washington as "a very positive sign".

However, there has been no public response from the US government regarding Iran's proposed two-day plan. The Strait of Hormuz is a crucial global oil route, and its closure has contributed to high oil and gas prices worldwide. Pakistan, which relies heavily on imports of oil and liquified natural gas (LNG) through the Gulf, could feel the impact of any disruption to this vital trade channel.

Currently, petrol costs Rs. 377.91 per litre and high-speed diesel costs Rs. 402.96 per litre. A motorist using 40 litres of petrol per month spends approximately Rs. 15,116 on fuel. Any change in petrol prices would directly affect this monthly expense, with each Rs. 10 per litre change either adding or reducing about Rs. 400 from the total bill.

While a confirmed reopening of the Hormuz strait and a subsequent decline in global oil prices could potentially bring relief to Pakistani fuel prices, the plan remains a proposal until the US responds to Iran's set of conditions.